MANAMA, Bahrain, November 29, 2015 /PRNewswire/ --
C5 Accelerate, working with Amazon
Web Services and the Bahrain Economic Development Board
and Tamkeen, to provide boost for
entrepreneurs across the region
C5 Accelerate Limited, the London- and Bahrain-based technology investment
specialist, working with Amazon Web Services (AWS) and the Bahrain
Economic Development Board (EDB), today launched the first Cloud
Accelerator in the Middle East and
Africa, which will be located in
Bahrain.
The Cloud Accelerator aims to drive growth in the local and
regional business ecosystem by enabling the rapid adoption of cloud
technology, which offers many distinct advantages over traditional
IT infrastructure. The program will develop and fund businesses
from across the region with a focus on technologies that align with
the economic priorities of the Gulf Cooperation Council (GCC),
including, but not limited to, manufacturing, financial services
and technology sector-development.
The Cloud Accelerator will provide business with resources to
develop a cloud-based commercial strategy, enhancing their ability
to attract future investment. A cohort of up to ten qualifying
businesses will be invited to work from the Cloud Accelerator
premises in Bahrain for four
months. During this time, they will benefit from interaction with
fellow program participants, training in strategy and business
principles, and mentoring from C5 Accelerate and its network of
global business leaders.
AWS will further support each of the participants with
established programs including AWS Activate, AWS Grants, AWS
Training and Certification, and developer-level support, which have
been designed to support businesses developing on the AWS
Cloud.
The businesses will benefit from connectivity with potential
customers, guidance from industry experts and the opportunity to
work closely with a network of corporate partners which will
provide a range of business assistance across areas such as
commercialisation, venture funding, and business services.
Participant businesses will be eligible for funding from the
Cloud Accelerator's USD 100 million
allied venture capital fund, the Gulf Technology Corporation, which
will be managed by C5.
Daniel Freeman, CEO
of C5 Accelerate Limited, said:
"The Middle East and
Africa region has a burgeoning
startup scene and is well placed to leverage the potential of the
cloud. Our Cloud Accelerator aims to drive this innovation further
and boost the region's economy. Our "AWS Activate" pilot
program in Bahrain already
demonstrates the investment potential of the region's technology
sector, and we are thrilled to be working with AWS, a leading cloud
computing provider, to develop an innovation hub for the region and
a catalyst for further investments. The Cloud Accelerator will be
based in Bahrain, a location with
outstanding human capital and a commitment to operating at the
speed of technology when it comes to developing a world-class
environment in which technology entrepreneurs can thrive."
Teresa Carlson, Vice
President, Worldwide Public Sector at Amazon Web
Services, Inc. said: "We've been so
impressed with the innovative and entrepreneurial spirit of
businesses in the Middle East and
Africa, and are committed to
working with C5 and the Bahrain EDB to help these businesses grow
and scale. In addition to technology resources, the Cloud
Accelerator's focus on education, training, and mentorship will
help businesses reach their full potential, and AWS is excited to
work with them to do so."
Khalid Al Rumaihi, Chief
Executive of the Bahrain Economic Development Board,
said: "The GCC technology sector is expected to grow by
ten per cent per annum over the next five years, whilst sector
spending in the Middle East will
reach nearly $200 billion in 2015.
However, the region faces a number of challenges around attracting
investment in the technology sector, including start-up costs and
access to funding; regulatory barriers; and attracting, training
and retaining human capital. Bahrain is addressing these challenges and
building on its broader strengths to develop a strong ecosystem
that encourages technology focused entrepreneurship. The launch of
the Cloud Accelerator program is one important step towards
achieving this."
Amal Kooheji, Tamkeen's Chief Operating
Officer, said : "Tamkeen continues to support businesses and
startups as a catalyst for entrepreneurial innovation and to
encourage the establishment of new businesses, which is a
prerequisite for developing a mature and sustainable private sector
in modern economies. This project will play a role in
creating a cloud ecosystem in Bahrain that becomes an engine of economic
growth, innovation and enhanced global competitiveness.